Scholastic Corp (NASDAQ: SCHL) fell in price after reporting Q1 adjusted loss of $1.67 per share.
The New York-based global children's publishing, education and media company, also reported revenue in the first quarter was $189.2 million, compared to $282.7 million a year ago, a decrease of $93.5 million, or 33%. Operating loss from continuing operations was $101.8 million versus a loss of $62.5 million in the prior year period.
The Company’s first-quarter loss per share compares to a loss per share from continuing operations of $1.15 in the prior-year period. Scholastic typically records a loss in its fiscal first quarter, when most U.S. schools are not in session.
Said Scholastic CEO Richard Robinson "The tremendous success of Dav Pilkey's Dog Man underscores again Scholastic's ability to work with our authors to build franchises that find audiences for generations. On the 20th anniversary of Dav's Captain Underpants series, he has found a new creative direction with Dog Man that is reaching millions of readers in our trade and school channels.
“This is the power of Scholastic,” continued Robinson, “and what differentiates us from other publishers. Scholastic titles this week are at the top of children's bestseller lists in the UK, Australia, New Zealand, and India. We expect to continue our success in trade this year as we announce new Harry Potter publishing leading up to the 20th anniversary of Harry Potter in the U.S. in 2018."
Shares in the company fell $3.85, or 10%, to $34.66, as morning became afternoon Thursday, within a 52-week trading range of $35.20 to $49.38.
